Europe

AML / KYC

UK Drafts ‘Debanking’ Law in Wake of NatWest Controversy

By Mark Johnston | 18/03/2024

HM Treasury has proposed legislation that aims to protect consumers from arbitrary financial exclusion based on political views.

Sanctions

G7 Warns of Sanctions if Iran Delivers Missiles to Russia

By Editors | 17/03/2024

If Iran delivers ballistic missiles to Russia, Iran Air flights to European cities could be suspended, among other unspecified measures.

Fintech / Regtech

Artificial Intelligence Act Passed by European Parliament

By Mark Johnston | 15/03/2024

Members of Parliament voted to adopt the final text of the EU AI Act, which will seek to promote AI innovation while also defending against risks.

Capital / Liquidity

ECB Announces Changes to Operational Framework

By Editors | 14/03/2024

The ECB will shrink its balance sheet, purge the system of excess liquidity, and incentivise banks to lend to each other.

Sanctions

EU Considers Sanctions Package Targeting Russia Facilitators

By Editors | 14/03/2024

The EU sanctions could target Belarus, North Korea, Iran and other third countries where entities enable Russian access to weapons and sensitive technology.

AML / KYC

UK to Allow Banks to Pause Payments if Fraud is Suspected

By Manesh Samtani | 14/03/2024

Proposed legislation will allow banks to pause payments for up to 72 hours while they contact customers and relevant third parties like the police.

Sanctions

EU Parliament Approves Rules Criminalising Sanctions Violations

By Editors | 14/03/2024

Sanctions violations and circumvention will be punished with up to five years in jail for individuals and fines for companies.

Sanctions

Russia Importing UK Luxury Cars via Azerbaijan – Reports

By Editors | 13/03/2024

Azerbaijan received £273mn in vehicle imports from the UK in 2023, a 1,860% increase from the five-year period preceding 2022.

Sanctions

Switzerland Opens First Russia Sanctions-related Criminal Probe

By Editors | 13/03/2024

The company being probed is understood to be a commodity trading firm that used a UAE subsidiary to circumvent Swiss sanctions against Russia.